The two schools clearly aren't in the same position, but it's also naive to say Notre Dame doesn't have a business interest in what occurred. Even though the University lacks any legal culpability, they still want to minimize any damage to the University's reputation. How else do you explain their more-or-less explicit instructions to their investigators to dig deep enough to say there wasn't reputation damage but not so deep as to do any real investigating?
I agree with all that, but if you think ND (or ESPN) is going to knowingly lie for Te'o, or create and push lies for him, themselves -- on any issue that has even the slightest possibility of being discovered and outed -- you're not crunching the risk/reward correctly (IMO). Honestly, there is almost (but not quite) no damage to ND's reputation based on the Te'o debacle. The University isn't really a part of it, other than a bit of getting their noses rubbed in the dirt by people who don't really like ND's PR machine to begin with. It's fun to tweak the golden dome, but nobody is really blaming ND for what happened. They bought the same thing everyone else did. Why wouldn't they? But in the end, Te'o's issue isn't the school's issue.
But .... all that changes, completely, if Deadspin runs a story next week that proves ND itself overtly lied to the public to protect Te'o.
That would be a major scandal that sticks to the school like glue, forever. No chance they risk that, again, unless they are out of their minds. Rule number one in PR is to never insert yourself into a scandal that doesn't involve you, or can't really hurt you. ND can't really get hurt by Te'o unless they do something dumb like cover for him.
And personally, I'm not surprised ND's investigation was superficial. The last thing they want to know is more, because if they
did discover something fishy, what the hell are they supposed to do with that info? They aren't the police. They aren't the media. They only owe a duty to the school and its students, of which Manti Te'o is one. I'd tell them to leave the whole thing alone and accept whatever comes out in the backwash. Support their guy, but do it from the protective blanket of ignorance. If Te'o gets caught out, it's still his problem, not yours. If he turns out to be playing everyone, make sure you're in the same boat as "everyone."
Final thought: Would we support Wake Forest investigating a player who was still a student, for something embarrassing but non-criminal like this, and then releasing those finding to the public, if the findings would absolutely bury the player's reputation? I wouldn't. The school's function isn't to facilitating the burning of one of its own for a non-criminal mistake. The better course is to stay out of it altogether, and support the player based on what you think is true.
Just my thoughts.